Other corp. entities Flashcards
What are the formation requirements for a Limited Liability Corporation?
File ARTICLES OF ORGANIZATION with Commonwealth
Who controls an LLC
The owners (called managers), who may run shit themselves or delegate to a team of managers (akin to a Board of Directors)
When do LLC’s dissolve?
Upon unanimous consent of members OR as provided in the operating agreement / articles
What is the principle of limited liquidity as applied to LLCs?
Full membership interest cannot be transferred without the majority consent of members or a provided in the Articles.
LLC’s enjoy:
The limited liability of a Corp. and the beneficial tax status of a partnership.
What are the formation and formality requirements for a VA Business Trust?
File ARTICLES OF TRUST, creating a managing trustee + beneficial owners.
What is the liability of beneficial owners?
It is limited, even if they control the trust.
What is the lifespan of a VA Business Trust?
Perpetual, if so provided in the Articles.
